Crystal Palace FC enter administration
Wed 27th Jan 2010 | Football Club Administration
In an official statement issued by the club, Crystal Palace FC announced that it has been placed into administration and face the prospect of a 10 point deduction by the Football League.
Brendan Guilfoyle, Chris White and John Russell of the P & A Partnership have been appointed administrators of Crystal Palace Football Club.
The administrators have been appointed to rescue the club and reconstruct its finances and will be urgently seeking buyers.
Simon Jordan, the Palace chairman, has been attempting to attract new investment into the Championship club, who have been late in paying their players twice this season.
With reported debts of around £30million and are due in court tomorrow to face a winding-up order from HM Revenue and Customs.
Brendan Guilfoyle said: "This club has been in the spotlight for some months with creditors pressing for payments and players anxious about their wages.
"Our role now is to find a buyer quickly to provide certainty for the employees, players and fans for the future. We are hoping our appointment will be short-lived as we understand there are many interested buyers."
HRMC seems to have taken a hard line on football clubs recently. As John Beech of Coventry University explains to F.C. Business, clubs have been using the tax owed as an overdraft after the withdrawal of preferred creditor status meaning football creditors had a higher claim than government agencies such as HMRC.
According to an investigation by BBC Radio Five Live in November 2008, HMRC had been forced to write off as much as £28 million owed by football clubs, and had to accept as low as 5p in the pound by way of settlement.
With a number of other clubs due for hearing later this month, it seems that Crystal Palace will not be the only club to fall into administration this season.
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